The Government are hoping to double the current self-build figures and, according to research carried out by Datamonitor
, it certainly sounds like this might be achievable. Unfortunately the actual research referred to is only available at a price of almost $9,000 but covers things like:
– How will gross lending fare across the main specialist mortgage sectors during 2011-15?
– Which sectors offer the best prospects and opportunities for expansion over the next few years?
– How have the market shares of each sector changed over the last five years, and how will develop in the future?
The UK mortgage market has been suffering for some time with strict lending criteria, consumers reluctant to extend borrowing when job security is relatively low and first time buyers struggling to get on the ladder, despite lower house prices.
Gross annual mortgage lending, according to Datamonitor, is expected to fall to just £127 billion in 2012 but will rise to around £182 billion come 2015, a 31 per cent increase on the figures for 2011. It is thought that during the same period gross advances relating to self-build mortgages will increase to £1.9 billion in 2015, an increase of 141 per cent. Impressive.
Daoud Fakhri, an Analyst at Datamonitor, commented:
“If the government’s reforms are successful in freeing up the market, the UK could be on the verge of a significant cultural shift with respect to house building, one which could create new opportunities for smaller and specialist lenders seeking to differentiate themselves from mainstream mortgage providers.”
These new opportunities for lenders could also be replicated by conveyancers.
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